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HomeAltcoinsHack Alert: Tron based JST token reportedly faces 4600 BNB exploit

Hack Alert: Tron based JST token reportedly faces 4600 BNB exploit

On October 11, a cybersecurity company, PeckShield via its automated detection system, announced the exploitation activity occurred on the Tron-based JST token.

As per the PackShield report, a fraudster sent 4,600 BNB worth $1.25 million to a Tornado cash mixer while keeping 2,555 BNB worth around $693,000 in the hacker’s wallet.

JST token

JUST is a DeFi platform developed on TRON blockchain with majority of products focused on JustStable, also known as decentralised stablecoin lending protocol.

The JUST ecosystem has two currencies: USDJ and JUST (JST) tokens. JUST ecosystem was introduced in August 2020 after an initial exchange offering (IEO) on the Poloniex LaunchBase platform.

However, the platform’s native governance token (JST) has been in supply since May 2020. In May of this year, PeckShield recorded a slippage of -65% on the JUST (JST) token. 

A certain address purchased JST for 100 BNB, which after a month increased to 3,000 BNB. The address dumps JST by creating a large sale and sending 800 BNB to Tornado cash.

JST had a market capitalization of $253 million and was trading at $0.027 at the time of writing.

The largest market share in Tron’s DeFi TVL belongs to Just Lend. Just Lend is a TRON-powered money market protocol that enables users to add liquidity to lending pools and draw out low-interest crypto loans.

As per DefiLlama data, the Tron blockchain is the second-largest network in terms of total value locked (TVL) in decentralised finance (DeFi) protocols, after Ethereum.

At the time of publication, Tron’s TVL in DeFi is $5.51 billion, exceeding the TVLs of Avalanche (AVAX) and Binance Smart Chain (BSC).

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